Who can you trust with your taxes?

Source: TurboTax

Just like Santa, they only come around once a year.

No, we’re not talking about the Easter Bunny…

Some of us may use tax-filing software like Turbo Tax to file those pesky annual obligations, but there are also those of us who place our fiscal trust in another individual. Naturally, one may express some concern when it comes to allowing another to take on their responsibilities. And this concern may hold some water, according to CNBC.com writer, Mark Koba.

“…the IRS doesn’t have the authority to regulate hundreds of thousands of non-certified public accountant tax preparers and force them to pass exams and complete continuing education programs in order to do returns.”

So, what does this all mean?

Well, in other words, that person that you hired to file your taxes — you know, the one you assumed had all of the qualifications necessary to adequately handle your assets — well, he or she may not actually have those qualifications after all.

Now, don’t rush to Best Buy or Staples just yet to purchase this year’s version of Turbo Tax software.

“Most certified public accountants and financial planners already have the ID and training. And anyone who’s not a CPA filing tax returns on behalf of a taxpayer is required to obtain a tax ID number for tracking purposes. But they currently don’t have to take any qualification exams or courses to call themselves tax preparers,” writes Koba.

Though the IRS doesn’t have a program in place to ensure all tax-prepares have taken exams and courses to have the ability to label themselves as such, some may still be qualified to handle your taxes. Most tax-preparers have accounting background of some kind, but it doesn’t hurt to ask your tax-preparer if he or she has taken qualification exams and courses.

It’s always better to be safe than sorry.

Source: CNBC.com


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